Gross Domestic Product
This dataset tracks gross domestic product over time.
Latest Value
26982.38
Year-over-Year Change
74.46%
Date Range
6/30/1930 - 9/30/2023
Summary
Gross Domestic Product (GDP) is the most comprehensive measure of the total economic output of a country. It tracks the total value of all goods and services produced within a nation's borders over a given period, providing crucial insights into economic health and growth.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
GDP is a fundamental economic indicator used by policymakers, analysts, and investors to gauge the size and performance of a national economy. It is a widely recognized barometer of economic activity and a key input for formulating fiscal and monetary policies.
Methodology
GDP is calculated by the U.S. Bureau of Economic Analysis (BEA) based on data from a variety of sources, including consumer spending, business investment, government expenditures, and international trade.
Historical Context
GDP data is closely monitored by the Federal Reserve and other government agencies to inform economic decision-making and shape policies that promote sustainable growth.
Key Facts
- GDP is measured quarterly and annually in the United States.
- The U.S. GDP reached a record high of $23.9 trillion in 2021.
- GDP growth is a key target for the Federal Reserve's dual mandate of price stability and maximum employment.
FAQs
Q: What does this economic trend measure?
A: Gross Domestic Product (GDP) measures the total value of all goods and services produced within a country's borders over a given period, typically a quarter or a year.
Q: Why is this trend relevant for users or analysts?
A: GDP is a critical indicator of a nation's economic health and performance, providing insights into growth, inflation, and other macroeconomic conditions that inform policy decisions and investment strategies.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis (BEA) calculates GDP based on data from consumer spending, business investment, government expenditures, and international trade.
Q: How is this trend used in economic policy?
A: GDP data is closely monitored by the Federal Reserve and other government agencies to inform monetary and fiscal policies aimed at promoting sustainable economic growth and stability.
Q: Are there update delays or limitations?
A: GDP data is released quarterly, with an initial estimate followed by two revisions as more complete information becomes available. There may be lags in data reporting, but the BEA strives to provide timely and accurate GDP estimates.
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Citation
U.S. Federal Reserve, Gross Domestic Product (FYGDP), retrieved from FRED.